|
The subdued opening in the morning was on expected lines as the markets have
been rallying for three straight sessions now. The continued up surge in oil
prices, weak US markets yesterday and weak opening for most Asian markets
in the morning added to the negative sentiment.
However,
short covering on the settlement day for the May futures and options series
changed the mood of the market dramatically in the afternoon. After remaining
sideways till early in the afternoon, the indices surged dramatically in the
late afternoon.
A
further sharp up surge in the last half hour helped the indices to close the
day with gains of well over a per cent each. Nifty outperformed the Sensex
on the back of strong gains in TCS and ONGC. TCS is not part of the Sensex
and ONGC has a higher weight on the Nifty.
Sensex
closed at 6671, up 73 points and the Nifty at 2075, up 31 points. Nifty June
futures discount to the spot index widened to 40 points from yesterday's 26
points.
Among
Nifty stocks, Tata Chemicals, Wipro and BHEL were the major percentage gainers
while BPCL, HPCL and Shipping Corporation were the major losers.
US
markets remained weak yesterday after the surge in crude prices and fresh
concerns of interest rate hikes. NASDAQ broke its run of 8 consecutive days
of gains. Both Dow and NASDAQ closed with losses of around half a per cent
each. Crude
oil futures for July delivery closed above the $51 to a barrel mark. US crude
inventory data released yesterday showed a surprising drop in stocks. Analysts
were expecting a further increase in inventory. Most
Indian ADR's were weak yesterday in the US exchanges. HDFC Bank, Satyam and
VSNL lost around 2 per cent each. ICICI Bank and Tata Motors closed with marginal
losses. MTNL, Dr Reddy's and Infosys all gained around a per cent each. The
government has postponed the decision on fuel price hike to next week. The
union cabinet discussed the issue and has asked the petroleum ministry to
look at various suggestions to reduce the impact of price hikes. Oil
marketing companies lost ground on news about the postponement. BPCL lost
over 3 per cent. HPCL, which is expected to announce its results later in
the day, lost 2 per cent. The sharp up surge in crude price also added to
the woes of oil marketing companies. Oil explorer ONGC gained close to 2 per
cent on the back of crude oil surge. Tata
Chemicals has confirmed that the Tata group entity which has bid for Egyptian
Fertiliser Company is a fully owned subsidiary of the company. According to
reports the bid is for $450 million and would significantly expand the global
operations of Tata Chemicals, if successful. The
bid is for a minimum acceptance of over 88 per cent or in other words the
offer would not be valid unless a minimum of 88 per cent of the shareholders
accept it. Tata Chemicals closed with gains of over 6 per cent. Hindustan
Lever has hiked the prices of its tooth paste brands. Though the company cited
increase in input costs as the reason, analysts believe the move has more
to do with declining margins. Analysts expect a 1 to 2 per cent increase in
the company's top line after the increase. The stock closed with gains. Retail
investor participation in the recently concluded Infosys sponsored ADR issue
was low. The promoters are reported to have realised over Rs1,500 crore by
selling parts of their holdings. Meanwhile, the company has valued the Infosys
brand at over $3 billion and the value of its human resources at over $6 billion. Infosys
has priced the ADS at $67, which is a discount of over 2 per cent to yesterday's
closing price on the NASDAQ. The stock closed with gains of over a per cent
today. In
what could be an indicator of its own assessment of future growth, Infosys
is planning to add around 10 million square feet of office space across the
country to accommodate more than 40,000 employees in the next two to three
years. The current employee strength of the company is less than 40,000 and
the company is expected to add around 10,000 new employees every year. IT
companies TCS and Wipro continue to gain on expectations of a large order
from General Motors. Wipro closed with gains of over 4 per cent while TCS
gained over 2 per cent. The
government today decided to offload 10 per cent stake in BHEL through the
public offer route. 15 per cent of the issue will be reserved for employees.
Government's stake in the company will decrease to around 57 per cent post
issue. The company would also go in for a stock split. The stock gained over
4 per cent. Mid-Cap
Action Mid-caps
could not sustain the momentum from yesterday and the CNX Mid-Cap 200 index
closed with marginal losses. The index closed a point down at 3,009. Bharati
Shipyard received an order for 4 multi-purpose ships from Norway with an option
to sell 8 more. The value of 4 ships is estimated at around $57 million. The
stock gained over 8 per cent in early trades. Subex
Systems, which develops revenue maximisation software for telecom companies,
announced yet another order win from Africa. Mascom Wireless of Botswana has
placed an order for the company's products. Mid-cap
pharma company Strides Arcolab is considering an acquisition in the South
American market. The company is planning to acquire Biopharma, a marketing
company based in Venezuela.  Godavari
Fertilizers, RS Software and BSEL Infrastructure were among the best performing
stocks among mid-caps.
Noida
Toll Bridge, VIP Industries and IVP Limited were among the significant mid-cap
losers.
*Disclaimer:
The author does not have any position in the stocks specifically mentioned
above at the time of writing this article. This analysis / report is only
for the purpose of information and is not an investment advice. Readers are
advised to consult a certified financial advisor before taking any investment
decisions. While efforts have been made to ensure the accuracy of the information
provided in the content the author or publisher shall not be held responsible
for any loss caused to any person whatsoever. Other
articles by Rex Mathew List
of general reports on markets List
of general reports on finance Market:
Indices
National
Markets
Gain (+) / Loss (-)
|
SENSEX
|
6,670.78 |
+73.18
|
| NIFTY
|
2,074.70
|
+30.85
|
Last
Update : 26 May, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| BHEL
|
880.00
|
918.00
|
876.00
|
909.85 |
| WIPRO
LTD. |
687.10
|
719.90
|
680.20
|
715.65 |
| BHARTI
TELE |
220.00
|
229.95
|
218.85
|
227.25 |
| TATA
POWER |
375.00
|
388.00
|
374.00
|
385.30 |
| RANBAXY
LABORATORIES LTD. |
1,050.00
|
1,073.00
|
1,040.00
|
1,067.75 |
| DR.REDDY'S
LABORATORIES LTD. |
703.00
|
730.00
|
693.05
|
722.50 |
| HEROHONDA
M |
577.00
|
598.00
|
574.05
|
593.15 |
| ONG
CORP LTD |
886.00
|
909.00
|
868.55
|
901.80 |
| LARSEN
& TOUBRO LTD. |
1,084.00
|
1,111.95
|
1,084.00
|
1,102.15 |
| HOUSING
DEVELOPMENT FINANCE CO |
756.00
|
778.00
|
754.05
|
770.55 |
| HINDUSTAN
LEVER LTD. |
129.85
|
132.50
|
128.80
|
131.65 |
| BAJAJ
AUTO |
1,224.00
|
1,249.00
|
1,209.00
|
1,233.80 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,158.55
|
2,220.00
|
2,158.55
|
2,201.45 |
| TATA
MOTORS |
445.00
|
452.70
|
440.15
|
449.25 |
| CIPLA
LTD. |
282.95
|
286.00
|
282.20
|
285.35 |
| I
T C LTD |
1,515.00
|
1,535.00
|
1,513.90
|
1,531.50 |
| GRASIM
INDUSTRIES LTD. |
1,035.20
|
1,143.40
|
1,035.20
|
1,135.60 |
| STATE
BANK OF INDIA |
670.00
|
684.35
|
668.50
|
682.65 |
| GUJARAT
AMBUJA CEMENTS LTD. |
437.00
|
442.00
|
434.15
|
438.60 |
| MARUTI
UDYOG |
458.85
|
464.00
|
454.20
|
462.25 |
| HDFC
BANK LT |
532.00
|
542.30
|
526.10
|
531.00 |
| HINDUSTAN
PETROLEUM CORP. LTD. |
336.50
|
339.00
|
327.75
|
330.90 |
| ASSOCIATED
CEMENT COMPANIES LT |
385.00
|
386.50
|
378.10
|
380.15 |
| SATYAM
COMP |
451.70
|
454.90
|
444.40
|
448.75 |
| ZEE
TELEF LT |
140.00
|
141.95
|
138.50
|
139.75 |
| HINDALCO
IN |
1,250.00
|
1,250.00
|
1,155.10
|
1,161.85 |
| RELIANCE
ENR* |
482.00
|
488.85
|
480.10
|
484.55 |
Last
Update : 26 May, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| INFOSYSTCH
|
2165.05
|
2228.00
|
2165.05
|
2205.20 |
| SATYAMCOMP
|
452.45
|
455.00
|
444.55
|
450.45 |
| SBIN
|
675.20
|
686.80
|
668.10
|
683.65 |
| ONGC
|
880.25
|
914.60
|
868.35
|
905.40 |
| BHEL
|
899.00
|
949.00
|
875.20
|
910.10 |
| WIPRO
|
661.00
|
720.50
|
625.20
|
716.30 |
| SAIL
|
53.95
|
54.70
|
53.80
|
54.00 |
| TATAMOTORS
|
443.50
|
452.80
|
440.15
|
450.20 |
| ITC
|
1518.00
|
1536.85
|
1502.00
|
1531.65 |
| MARUTI
|
460.00
|
464.65
|
454.15
|
462.55 |
| TATACHEM
|
167.80
|
179.90
|
166.50
|
177.70 |
| RANBAXY
|
1038.60
|
1088.50
|
1038.60
|
1072.15 |
| HEROHONDA
|
573.00
|
600.00
|
573.00
|
594.40 |
| BAJAJAUTO
|
1206.00
|
1250.00
|
1190.10
|
1232.35 |
| ORIENTBANK
|
263.25
|
265.90
|
258.50
|
262.50 |
| HINDPETRO
|
336.90
|
337.00
|
327.20
|
330.15 |
| TATAPOWER
|
374.00
|
392.50
|
373.15
|
389.20 |
| M&M
|
490.10
|
506.30
|
489.05
|
502.30 |
| HINDLEVER
|
129.45
|
133.25
|
129.00
|
132.05 |
| LT
|
1082.00
|
1112.00
|
1082.00
|
1104.95 |
| BHARTI
|
216.00
|
232.00
|
205.25
|
227.80 |
| BPCL
|
399.00
|
400.90
|
383.00
|
387.10 |
| HCLTECH
|
364.60
|
378.50
|
362.00
|
376.10 |
| MTNL
|
117.80
|
118.15
|
115.60
|
116.10 |
| ICICIBANK
|
409.80
|
409.80
|
393.00
|
400.00 |
| IPCL
|
167.20
|
167.20
|
164.15
|
164.85 |
| HDFC
|
756.00
|
781.00
|
750.50
|
771.05 |
| DRREDDY
|
715.00
|
735.00
|
693.80
|
724.50 |
| HINDALC0
|
1160.00
|
1178.95
|
1156.00
|
1161.25 |
| HDFCBANK
|
540.80
|
544.85
|
530.35
|
537.95 |
| COLGATE
|
216.40
|
223.00
|
214.55
|
220.15 |
| GAIL
|
225.50
|
227.75
|
220.70
|
226.30 |
| GRASIM
|
1130.00
|
1143.90
|
1106.00
|
1137.45 |
| GUJAMBCEM
|
436.00
|
440.00
|
433.90
|
436.80 |
| SUNPHARMA
|
545.00
|
568.00
|
525.00
|
558.85 |
| PNB
|
386.10
|
387.50
|
381.00
|
382.85 |
| TATATEA
|
541.10
|
562.40
|
541.10
|
555.70 |
| CIPLA
|
280.00
|
286.90
|
280.00
|
285.85 |
| ZEETELE
|
141.40
|
142.00
|
138.10
|
139.40 |
| ACC |
384.10 |
386.90
|
378.50
|
380.00 |
| SCI
|
150.00
|
150.10
|
146.50
|
147.15 |
| GLAXO
|
741.85
|
757.00
|
741.85
|
755.25 |
| REL |
485.50 |
488.40
|
480.10
|
484.80 |
| NATIONALUM
|
148.50
|
148.50
|
145.25
|
146.40 |
| DABUR
|
120.05
|
131.00
|
120.05
|
128.60 |
| VSNL
|
210.95
|
214.95
|
207.00
|
213.20 |
| ABB
|
1296.00
|
1320.00
|
1276.00
|
1313.60 |
Last
Update : 26 May, 2005, 16:04PM
| 
